Canadian Crypto Firm Plans $4.5 Million Bitcoin Buy, Ditches Local Currency for USD

Why More Companies Are Looking to BTC as a Treasury Asset

  • Matador Technologies plans $4.5 million Bitcoin purchase for treasury reserves in December 2024.
  • Company develops Bitcoin-based Gold trading platform, targeting early 2025 launch.
  • Stock price declined 35% since TSX Venture Exchange debut, from $0.90 to $0.58.
  • Physical gold backing digital assets will be stored at Royal Canadian Mint.
  • Company shares board member Tyler Evans with Metaplanet, which holds $164 million in Bitcoin.

Canadian crypto firm Matador Technologies announced plans to acquire $4.5 million in Bitcoin as a treasury reserve asset, marking its entry into the growing list of public companies holding the cryptocurrency. The announcement comes as the firm prepares to launch a Bitcoin-based platform for trading digital gold representations.

- Advertisement -

Strategic Pivot to Bitcoin and USD

Matador Technologies, previously known as Scaling Capital 1, made its debut on the TSX Venture Exchange last week. The company’s market capitalization stands at $49.5 million, with its stock price declining 35% from $0.90 to $0.58 since listing.

The board of directors unanimously approved the Bitcoin purchase strategy while simultaneously announcing plans to convert most cash holdings to U.S. dollars, moving away from Canadian currency. Company President Sunny Ray stated: "Matador’s board and management believe in using Bitcoin to future-proof our treasury. This step also supports our mission to explore using Bitcoin as a platform for our gold-based products."

Platform Development and Strategic Partnerships

After evaluating Ethereum and Solana networks, Matador selected Bitcoin’s infrastructure for its planned gold trading platform, citing security and stability as decisive factors. The company aims to launch a mobile application enabling 24/7 gold trading by early 2025.

Notable connections exist between Matador and other Bitcoin-focused entities. Tyler Evans, co-founder of UTXO Management and board member of Metaplanet (which holds $164 million in Bitcoin according to Bitcoin Treasuries), has joined Matador’s board of directors.

The company’s initiative follows the path of larger corporations like MicroStrategy, which currently holds over $41 billion in Bitcoin, though at a smaller scale. While major tech companies like Microsoft have declined similar moves, Matador joins a growing segment of smaller firms adding Bitcoin to their balance sheets.

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Bitcoin Drops 10% From Highs Amid Quantum Computing Warnings

Bitcoin dropped nearly 10% from its record high, falling close to $103,000 after reaching $112,000 last week. BlackRock warned that advances in quantum computing could...

Czech Justice Minister Resigns Over $45M Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek resigned after controversy over accepting and selling Bitcoin from a convicted criminal.The Justice Ministry auctioned nearly 500 Bitcoin, raising...

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

Must Read

5 Best Crypto Jobs Sites To Land Your Next Six Figure Job

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at a blistering pace, the demand for workers...